- Shiba Inu token price surged by around 5% today.
- Shiba Inu partnered with the UAE Ministry of Energy and Infrastructure.
The crypto market has not fully recovered since the global macroeconomic uncertainty triggered by Donald Trump’s new tariff system. While Bitcoin is trading in the $98,000 price range, Ether is trading above $2,800. Even though there are no significant price surges in major altcoins such as XRP, Solana, BNB, Dogecoin, and Cardano, Shiba Inu surged by around 5% today.
Shiba Inu token is trading at $0.00001639 with a 3.26% price surge in the last 24 hours. The second-largest memecoin by market cap is witnessing a 28% drop in its 24-hour trading volume. While its 24-hour low is $0.00001535, 24-hour high is $0.00001663. The SHIB token recorded a price surge of around 5% at some point today, fueled by various market factors.
What Caused Shiba Inu Token to Surge?
Shiba Inu partnered with the UAE Ministry of Energy and Infrastructure (MoEI) to enhance Web3 innovation. This partnership with the UAE Ministry marks a pivotal moment for Shiba Inu. Because the UAE is one of the top governments to have friendly crypto policies and regulations. On this, the Undersecretary for Energy and Petroleum Affairs at MoEI says,
“We’re delighted to deepen our commitment to cutting-edge digital services. This partnership represents a pivotal moment in our journey toward redefining government services. Together, we are shaping a future built on sustainability, connectivity, and digital excellence.”
On the other hand, Shiba Inu has been burning SHIB tokens to decrease supply and increase its value. Its official X account recently posted that Shiba Inu burn recorded a staggering 577% in the last 24 hours. This is phenomenal when it comes to fighting inflationary supply of SHIB tokens.
A partnership with a leading pro-crypto government such as the UAE and a substantial increase in Shiba Inu token burn led to the present price surge. However, the drop in trading volume might cause price of Shiba Inu to go on a downtrend in the next few days.
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